27.4p = the floor17 Oct 2025 12:52
Nice to see the long-overdue rerate beginning. Remember, the recent Oak Securities note had 27.4p as a highly conservative valuation floor. There are many things that could see a higher price being achieved: peace in Ukraine, the ongoing rocketing of PGMs (platinum almost worth double what it was at the time war broke out), the joint MT-NKT DFS which eliminates single asset and single commodity risk for any buyer, and so on. After a very, very long wait, we're on the cusp of the deal of the century. Strap in. Rums all round!